Exhibit 10.33
REVISED RESTRICTED STOCK UNIT AGREEMENT
THIS REVISED RESTRICTED STOCK UNIT
AGREEMENT (“Agreement”) is made effective as of the
grant date set forth below by and between SYNOVUS FINANCIAL CORP.,
a Georgia corporation (the “Corporation”), and
(“Executive”).
WHEREAS, Executive has been awarded
Restricted Stock Units (“RSUs”) under the
Corporation’s 2007 Omnibus Plan (“Plan”).
NOW, THEREFORE, in accordance with
the provisions of the Plan and this Agreement, Executive hereby
agrees to the following terms and conditions:
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1.
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Grant of RSUs |
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Executive is hereby
granted RSUs as follows: |
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Date of Grant: |
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, 200
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Vesting Period: |
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Please refer to Section 2 of
this Agreement |
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Total Number of RSUs: |
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2.
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Vesting of RSUs |
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(a) Vesting
Conditions . If Executive remains in the continuous employ of
the Corporation or a Subsidiary of the Corporation through the
date(s) indicated in Column I below, the RSUs will become
non-forfeitable (i.e., “vest”) to the extent indicated
in Column II below:
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(II) |
| If employment |
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the % of the RSUs |
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continues through |
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then |
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which vest is |
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___, 200___
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100 |
% |
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[or] |
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___, 200___
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___ |
% |
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[or] |
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___, 200___
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___ |
% |
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[or] |
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___, 200___
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___ |
% |
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[or] |
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___, 200___
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___ |
% |
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[or] |
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___, 200___
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% |
Such vesting
will occur (to the extent indicated in Column (II) above) at
the close of business on the applicable date(s) indicated in Column
(I) above. Any RSUs which are not vested on the date of
Executive’s termination of employment will be forfeited to
the Corporation, unless the Compensation Committee in its sole and
exclusive discretion determines otherwise.
(b) Effect
of Voluntary Termination or Termination for Cause or Suicide .
If Executive’s employment with the Corporation and its
Subsidiaries is terminated: (i) by Executive voluntarily or
(ii) by the Corporation or a Subsidiary for Cause or
(iii) by Executive’s death due to suicide before all
RSUs vest pursuant to the provisions of paragraph 4(a) above, then
any RSUs which are not vested at the time of such termination will
be forfeited to the Corporation on the date of such termination,
unless the Compensation Committee in its sole and exclusive
discretion determines otherwise.
(c) Effect
of Death (Other Than by Suicide) or Disability . If
Executive’s employment with the Corporation and its
Subsidiaries terminates by reason of Executive’s death (other
than by suicide) or Disability, then any RSUs which are not vested
at the time of such termination will become vested
automatically.
(d) Effect
of [Retirement or] Leave of Absence . [If Executive’s
employment with the Corporation and its Subsidiaries is terminated
by reason of Executive’s retirement after attainment of [age
62 and 15 years of Service] [age 65], then any RSUs which are
not vested at the time of such retirement will become vested
automatically.] A leave of absence which is approved in writing by
the Compensation Committee with specific reference to this
Agreement will not be considered a termination of Executive’s
employment with the Corporation and its Subsidiaries for purposes
of this Section 2 or any other provision of this
Agreement.
(e) In the
event of a Change of Control (as defined in the Plan), the RSUs
will vest immediately upon such Change of Control.
(f) No
Forfeiture of Vested RSUs . Any RSUs which vest pursuant to the
preceding provisions of this Section 2 will not thereafter be
forfeited.
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Conversion of RSUs and Issuance of Shares |
Upon vesting of
the RSUs, one share of the Corporation’s Common Stock shall
be issued for each RSU that vests on such vesting date, subject to
the terms and conditions of this Agreement and the Plan.
2
Unless
otherwise permitted by the Committee, the RSUs may not be sold,
transferred, pledged, assigned or otherwise alienated or
hypothecated, other than pursuant to a will or the laws of descent
and distribution. Any attempted disposition in violation of this
Agreement and the Plan shall be void.
The Executive
shall not be, or have rights as, a stockholder of the Corporation
with respect to any of the shares of Common Stock subject to the
RSUs unless such RSUs have vested, and shares underlying the RSUs
have been issued and delivered to him or her. The Corporation shall
not be required to issue or transfer any certificates for shares of
Common Stock upon vesting of the RSUs until all applicable
requirements of law have been complied with and such shares have
been duly listed on any securities exchange on which the Common
Stock may then be listed.
The RSUs will
be credited with dividend equivalents equal to amount of cash
dividend payments that would have otherwise been paid if the shares
of the Corporation’s Common Stock represented by the RSUs
(including deemed reinvested additional shares attributable to the
RSUs pursuant to this paragraph) were actually outstanding. These
dividend equivalents will be deemed to be reinvested in additional
shares of the Corporation’s Common Stock determined by
dividing the deemed cash dividend amount by the Fair Market Value
(as defined in the Plan) of a share of the Corporation’s
Common Stock on the applicable dividend payment date. Such credited
amounts will be added to the RSUs and will vest or be forfeited in
accordance with Section 2 based on the vesting or forfeiture
of the initial RSUs to which they are attr
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